President Donald Trump recently addressed a Bureau of Labor Statistics report on rising inflation. In a surprising statement, he remarked, “I love the inflation” during a discussion with reporters in the Oval Office.
Inflation and the high cost of living are significant political issues as the 2026 midterm elections approach. The ongoing conflict with Iran has exacerbated gas prices, putting more pressure on the economy. Despite tackling inflation being a major campaign promise in the 2024 presidential race, Trump’s approval ratings on the issue have declined as prices remain elevated.
The BLS report highlighted a 0.5 percent price increase in May, a slight slowdown from 0.6 percent in April. However, annual inflation accelerated to 4.2 percent from 3.8 percent in April. This is the fastest year-over-year increase since April 2023.
Trump said, “No. I love it. The numbers were great. You know what I really love? I love the inflation. You know why? Because as soon as this war is over, you know I can say it now. Something you didn’t know—did you know we’ve been taking out millions of barrels of oil? Nobody knows it. You know who doesn’t know about it? Iran, until right now. We took out the other night 22 ships, late at night, with no lights because they don’t have any radar because we blasted the crap out of it. That’s why oil is $85 a barrel.”
Trump indicated that the economic consequences were acceptable to prevent Iran from acquiring nuclear capabilities. He predicted that oil prices would return to pre-conflict levels after the war concludes, stating, “We’ll be back at those levels very soon.”
White House spokesperson Kush Desai commented to Newsweek that Trump was “rightfully touting how the May CPI report showed that, despite temporary disruptions in energy markets, prices of prescription drugs, dairy products, cars, as well as both health and auto insurance along with other essentials continue to decline thanks to the Trump administration’s policies.”
Desai added that Trump remains confident that oil and gas prices, and consequently overall inflation, will decrease following the resolution of the Iran situation. The administration continues to promote policies aimed at helping Americans retain more of their earnings.
Trump’s Approval Rating on Inflation
A recent poll by FocalData indicated that Trump’s approval rating on inflation has dropped to a record low. About 69 percent of Americans disapprove of Trump’s handling of inflation, while 18 percent approve. The poll surveyed 1,719 participants from May 29 to June 1.
Democratic leaders quickly responded to Trump’s remarks. Senate Minority Leader Chuck Schumer from New York criticized Trump’s statement, emphasizing that it showcased disregard for the American public.
Newsweek reached out to the White House for further comments via email.
Leave a Reply